Financial Authority Partner Profile:
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) was the first financial authority to partner with R2A. The BSP has requested the development of an Application Programming Interface (API), and back office reporting and visualization application (the Project) to:
- Allow financial institutions to submit data digitally and automatically to the financial authority.
- Increase the volume, granularity, and frequency – and improve the quality – of data submitted to the central bank.
- Enable BSP staff to improve data validation and analysis, and generate customized reports for supervisory and policy development purposes.
By improving data quality and access, and developing new tools for data visualization and analysis, R2A will help the BSP implement a risk-based supervisory approach that reduces compliance costs and promotes financial inclusion while ensuring financial stability and integrity. Moreover, the BSP will be able to capture crisper insights on the Filipino financial sector that will be used to develop policies such as the financial inclusion strategy.
The BSP has also requested the development of a prototype chatbot and processing utility solution (i.e., a dashboard with administrative and reporting capabilities, integration with existing complaints process, etc.) for customer complaints. The chatbot solution will enable:
- Financial consumers to file complaints through their mobile handsets via either an app or SMS, thereby creating new channels for them to correspond with the BSP; and
- The BSP to: (a) address queries and complaints through the chatbot; (b) manage the structure and flow of automated conversations based on expertise and historical data; and (c) use data and insights gathered through the chatbot for oversight and policy development purposes.
- Reduce employee workload and response time by delegating mundane and routine tasks (e.g. directing non-BSP complaints to the right institution) to chatbots, saving human labor for more complex or nuanced tasks.
By improving data quality and access and developing new tools for data visualization and analysis, the prototype will support the BSP’s efforts to provide all Philippine financial consumers with effective access to a complaint system.
The competition for the development of a chatbot and processing utility solution prototype is currently closed. The competition winner will be announced soon.
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the New Central Bank Act of 1993.
Nestor A. Espenilla, Jr.
4th Governor of the Bangko Sental ng Pilipinas (BSP)
As the Governor, Mr. Espenilla, Jr. heads the BSP and chairs the Monetary Board and the Anti-Money Laundering Council. He also represents the Philippines as its Governor in the International Monetary Fund and as Alternative Governor of both the World Bank and the Asian Development Bank.
Mr. Espenilla, Jr. has been with BSP since 1981 and has worked in Economic Research, International Operations, and in the Office of the Governor. He was seconded to the IMF in 1990 -1992.
Pia Bernadette Roman-Tayag
Director, Inclusive Finance Advocacy, and co-Head, Financial Consumer Protection Department
As head of the Bangko Sentral ng Pilipinas’ Inclusive Finance Advocacy Staff, Pia Roman-Tayag is involved in all of the bank’s financial inclusion work, particularly in the areas of policy and regulation, capacity building, advocacy and relationship building.